Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC0.0000%/8h= 0.0% APRpaid last 24h −0.037%

Price spread now: Gate against Hyperliquid−0.069%7-day average −0.043% · you buy dearer than you sell

Net, funding: paid 7d − costs−$35as in the Funding arb table

Net, price: spread back to 7d avg − costs−$27as in the Price arb table

costs, in and out, $10k−$240.243% of the position

Long on Hyperliquid Short on Gate

What this pair did over the last

the charts below follow

Funding, last 7 days−0.109%−$11 on $10k

Price spread, last 7 days+0.064%+$6 · spread now −0.069%, 7d avg −0.043%

Together, before fees−0.045%+ Points / potential airdropHyperliquid: Season 2 · farm board−$5 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Gate is 0.026% cheaper against Hyperliquid than usual: you would sell low and buy high, −$3 on $10k if it goes back to its 7-day average of −0.043%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid BTC	85,828	0.0100	pay 0.0013% / 1h	27m 57s	$3.77B	$5.00B	40x
Short	Gate BTC_USDT	85,769	0.0100	get 0.0100% / 8h	6h 27m	$5.62B	$10.53B	200x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Gate against Hyperliquid. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

click an exchange to add or hide it

latest

How often the price spread is this wide · share of time at each level, last 7D show

Profit calculator

Position, each leg$Hold fordaysFee HyperliquidbpFee GatebpOrdersPrice spread, now −0.069%Rate

Funding earned: $0
Price spread: −0.069% → −0.043%: −$2.58
Slippage, 4 orders: −$0.26
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee Gate: 7.5 bp × 2 orders: −$15
Net: −$26.85
Costs to cover: 0.243%
Break-even: never at this rate

Slippage from Hyperliquid: live order book, 6 min ago; Gate: live order book, 1 min ago.

Cost to enter

taker fee + slippage from the mid, one side; closing costs about the same again

Leg	Half-spread	$10k	$100k	$1M	$5M
Buy Hyperliquid live order book, 6 min ago	0.06 bp	4.6 bp −$5	4.6 bp −$46	4.6 bp −$456	5.3 bp −$2,650
Sell Gate live order book, 1 min ago	0.01 bp	7.5 bp −$8	7.5 bp −$75	8.3 bp −$827	10.3 bp −$5,166

BTC on 55 venues

lowest funding first. Swap a leg: a good short leg pays more funding and is priced higher.

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Phoenix BTC	−0.0144%	1h	85,735	−0.108%	$2.2M	$10.5M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	85,696	−0.154%	$8K	$3K	50x	as long as short
01 Exchange BTCUSD	−0.0064%	1h	85,717.7	−0.129%	$364K	$2.4M	50x	as long as short
Perpl BTC	0.0000%	43m	85,749.3	−0.092%	$514K	$20.7M	6.7x	as long as short
dYdX BTC-USD	+0.0003%	1h	85,708.5	−0.139%	$16.8M	$20.9M	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,769.7	−0.068%	$36.7M	—	200x	as long as short
Injective BTC/USDC PERP	+0.0020%	1h	85,691	−0.160%	$340K	$26.9M	52x	as long as short
KuCoin XBTUSDTM	+0.0034%	8h	85,746.9	−0.094%	$903.9M	$754.9M	125x	as long as short
Aster BTCUSDT	+0.0035%	8h	85,752	−0.089%	$509.7M	$1.14B	200x	as long as short
RISEx BTC/USDC	+0.0044%	1h	85,747.1	−0.094%	$8.2M	$42.5M	25x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX BTC-USDT	+0.0054%	8h	85,767.3	−0.071%	—	$1.57B	—	as long as short
ApeX Omni BTCUSDT	+0.0056%	1h	85,655.9	−0.201%	$140.1M	$319.3M	100x	as long as short
Reya BTCRUSDPERP	+0.0057%	1h	85,737.8	−0.105%	$6.7M	$146.2M	40x	as long as short
HTX BTC-USDT	+0.0061%	8h	85,758	−0.082%	$2.27B	$952.8M	200x	as long as short
Nado BTC-PERP	+0.0061%	1h	85,693.6	−0.157%	$22.6M	$228.5M	50x	as long as short
Bitget BTCUSDT	+0.0070%	8h	85,748.3	−0.093%	$2.95B	$5.11B	150x	as long as short
MEXC BTC_USDT	+0.0088%	8h	85,751.1	−0.090%	$5.08B	$5.72B	500x	as long as short
Aevo BTC-PERP	+0.0088%	1h	85,768.4	−0.069%	$2.5M	$1.8M	20x	as long as short
Binance BTCUSDT	+0.0089%	8h	85,762.4	−0.076%	$9.34B	$24.38B	150x	as long as short
Lighter BTC	+0.0096%	1h	85,771.6	−0.066%	$170.4M	$988.7M	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,778.8	−0.057%	$23.4M	$146.7M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,721	−0.125%	$8.4M	$51.9M	100x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,696	−0.154%	$206K	$7.5M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,713	−0.134%	$3.8M	$8.5M	50x	as long as short
Hyperliquid BTClong	+0.0100%	1h	85,828	long leg	$3.77B	$5.00B	40x
Pacifica BTC	+0.0100%	1h	85,749.6	−0.091%	$40.3M	$571.4M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	85,775.6	−0.061%	$5.30B	$9.78B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,760.1	−0.079%	$2.54B	$12.41B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,710	−0.137%	$3.9M	$17.9M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,708.4	−0.139%	$7.3M	$98.2M	40x	as long as short
Gate BTC_USDTshort	+0.0100%	8h	85,769	−0.069%	$5.62B	$10.53B	200x
Backpack BTC_USDC_PERP	+0.0100%	1h	85,762.2	−0.077%	$35.4M	$164.0M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,640.3	−0.219%	$156.2M	$559.1M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,632.3	−0.228%	$278.5M	$946.5M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,580.1	−0.289%	$214.9M	$167.6M	50x	as long as short
StandX BTC-USD	+0.0100%	1h	85,731.4	−0.113%	$30.3M	$208.5M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,773.9	−0.063%	—	$11.8M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,734	−0.110%	$11.0M	$14.2M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,747	−0.094%	$187K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,763.8	−0.075%	$2.4M	$9.0M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	85,810.1	−0.021%	$186K	$708K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,768.5	−0.069%	$30.0M	$56.7M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,703.8	−0.145%	$2.9M	$6.6M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	85,766	−0.072%	$60.0M	$337.5M	40x	as long as short
Phemex BTCUSDT	+0.0100%	8h	85,765.5	−0.073%	$153.5M	$480.3M	150x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,587.5	−0.280%	$583.6M	$150.2M	40x	as long as short
Extended BTC-USD	+0.0104%	1h	85,724.4	−0.121%	$44.0M	$228.4M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0056%	1h	85,725.6	−0.119%	—	$101.1M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0112%	1h	85,801.5	−0.031%	$131.2M	$5.18B	50x	as long as short
Hibachi BTC/USDT-P	+0.0136%	1h	85,727.4	−0.117%	$696K	$7.9M	30x	as long as short
Kraken Futures PF_XBTUSD	+0.0146%	1h	85,787.3	−0.047%	$188.9M	$965.0M	100x	as long as short
Aftermath Perps BTCUSD	+0.0165%	1h	85,690.8	−0.160%	$78K	$219K	20x	as long as short
Deribit BTC-PERPETUAL	+0.0201%	1h	85,814.3	−0.016%	$894.4M	$1.53B	50x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0203% / S −0.0192%	1h	85,753.7	−0.087%	$13.5M	—	200x	as long as short
Kalshi KXBTCPERP	+0.0210%	8h	85,735	−0.108%	$10.0M	$770.4M	6.4x	as long as short